epa03223639 (FILE) File picture dated 16 March 2007 shows the logo of Santander Bank in Madrid, central Spain. European stocks opened 18 May 2012 at some their lowest levels in months after ratings agency Moody's downgraded 16 Spanish banks, including Banco Santander, but regained some of their losses as trading on the continent's main bourses remained volatile. The initial slide also came off the decision late 17 May by another ratings agency, Fitch, to cut Greece's credit rating to CCC from B-, a move reflect concern over the country's possible exit from the euro. The benchmark Stoxx Europe 600 Index at one stage dropped 0.8 per cent to 239.63 after closing on Thursday at 241.63 points. However, by mid-morning it was just 0.1 per cent lower. EPA/ANGEL DIAZ